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Want to advance your million dollar day? Like I said, this isn't exactly linear, but you'll see what I'm talking about.
That's just not how it is. There are people out there with a ton of money who are looking to buy products and businesses and everything else, but they are very, very smart savvy business people and they are still looking for specific things. You can't just throw anything out there and they'll buy it. There should be some common themes, but you need to know that even if there are people out there with money, they'll want to buy things. They're not going to buy anything. You start emailing them, you start calling them.
You start going to meet ups, you start getting in touch with them. To answer your question specifically, go to AppBusinessBrokers. Eric Owens, great guy over there. Flippa, I've talked to them multiple times. Apptopia , obviously they brokered my deal. Just go to your local lawyer, a lawyer in town or whatever. Go online and start calling people. What are they buying right now? What do people who have a lot of money looking to buy right now? In , what's the really great niche business to be in in relationship to apps?
Once you find these people, get on the phone for a week and learn everything you can about what people want. You need to understand where demand is at this level. What do people want to spend a million bucks on? Where is the demand? Listen to the Answers Most importantly, is you need to swallow your pride. You need to put your ego aside and they're going to tell you a lot of things that you might not want to hear.
That's what I'm building. They may tell you exactly what you're building. I understand what you're saying. That's clearly where the market is. This is classic business school. Really good operations and really good standing operating procedures so you can train more people. You have a development resource or at least you can introduce them to people so that when you hand over the app to the business, they have someone who can manage it, who understands the code and everything.
They're going to want good bookkeeping. They're going to want to look at your profit, loss and balance sheet. You'll probably want to have some intellectual property.
You don't own a bunch of codes or at least have the licenses to the codes. Have a lot of deisgn work. Have a lot of websites. Have a Facebook page or whatever. They're going to want to see how they can scale it and get their money back. This is one of the most important things. I'm going to give you a million bucks. How am I going to make this back? How am I going to make it back 10X what I paid for you? All of these things are what the buyers are looking for when they're looking at any business.
This is the criteria. Good Examples for The good examples, these are real examples. Software as a service, SaaS businesses. That's probably number one because of the cash flow that comes through that. App reskin portfolio that's easily managed and updated, meaning that let's say you sell 50 apps, 50 casino app for a portfolio.
You want to be able to say you can update them very easily this way. You can control traffic this way. You can update the ad networks this way. How do you have huge control over those portfolios? If you have a development firm with a lot of contracts, meaning you build other people's apps and you have 15 long term contracts with 15 people, that is a business you can sell very easily right now. That is a really good business to sell. Along the lines of a SaaS business, a marketing tool.
Let's say you built something that everyone uses. It's a paid service or whatever it may be. Maybe even a free service, something that helps people, like a review service is a good example.
What can you create that people will use for marketing, whether it be apps or websites or anything else? Bad Examples Bad examples of things that someone might think has value. App portfolios that are completely wildly complicated and outdated. The ability to sell an idea is really difficult unless it's in something like TV. The third thing, and we've all seen this, is something that could blow up with the right marketing person. You could really make a ton of money. That's why there's so much value.
That's a bad example. The biggest take away from phase one is you need to identify what your potential one million dollar exit is and who you can call when you're ready to sell.
Think about it this way. When I started doing reskinning, realize that reskinning was one of six ideas. Going back to the first Bluecloud Select video. There is a million different ways to build an app business exit strategy. I could have done the find something, emulate it, iterate it and improve it. I could have built something from scratch. I could have done reskinning. I could have done sponsorship ads.
I could have a development business. That's why I started with reskinning. The demand was there. You need to think about this the same way. Where is the demand to sell? Once you go through this exercise, you're going to start to see some very common themes and you are going to get into phase two.
Phase 2 — Crystallize and Build When you crystallize your idea and you plan and start to build it. Let's say this happens throughout the month of May. Let's say you decide on the demand and it's going to be the app marketing database. I truly believe this. I think this is a really, really awesome business model. I think it's complicated and I think it can be difficult to prove. But I also think that it's unbelievably valuable, lucrative and I think the demand for this is actually still in its infancy because I've talked to some really high-end digital marketers and they still don't think about this stuff yet and that's a good sign.
It means that this type of thing has a couple of years left. I wrote a blog post about this. This explains this kind of model, very top level. Example Niche Of all the niches you research you determine that Finance is the most under served. Let's say you're going to build this app marketing database and you go through and you found the niches you want to build and you decide on Finance because this is actually true.
If you haven't read that blog post, what I'm talking about is you build an app that people will download. They will use the app and then you create a marketing engine on top of this. For example with Finance, people are going to download your app.
They're going to log in with Facebook and then you create a database with all their Facebook information and then you build a whole email marketing database on the back end of this app. That entire model is what we're talking about here. It's like an app with a marketing database on the backside. Let's say you research and find Finance. The others that are really good right now in , just look up affiliate marketing niches and I'll explain why.
These are all the hot categories, but whatever you pick those are the ones that are going to work. Let's say you're going to build the one with Finance.
I've thought about this many times. I think this is a hugely under served market. Users are going to stick around because of these four things: They're going to get curated stock picks delivered weekly.
You're going to have someone or yourself are going to deliver awesome stock picks to them every week. They have the ability to track their stocks in a way that's really clever that is better than all the stock ticker apps out there.
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